The multi-billion dollar marijuana industry is growing quickly, with twenty-eight states now approving the legalization of recreational or medical marijuana to some extent. On April 26, 2017 the Director of the United States Trustee Program provided a directive to Chapter 7 and Chapter 13 bankruptcy Trustees – do not administer cases involving marijuana assets. Apparently there has been an increase in the number of bankruptcy cases involving marijuana assets. The take-away for potential Debtors: even if certain marijuana assets, or income derived from such assets, are not considered illegal under state law – they are under federal law. If a Debtor files for bankruptcy relief and has an interest in marijuana assets, they will certainly be smoked out!
If you or your business is considering filing for bankruptcy relief, contact the McIntyre Thanasides law firm to schedule a consultation with an attorney who is a qualified bankruptcy professional.
